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Core Viewpoint - On June 20, the stock ETF market experienced a net inflow of 4.5 billion yuan, despite a general downward trend in the A-share market, indicating continued interest from investors in certain ETFs [1][4]. Summary by Sections Market Overview - The A-share market saw a collective adjustment with major indices declining, and total trading volume reached 1.07 trillion yuan on June 20 [1]. - For the week, stock ETFs attracted nearly 20 billion yuan, although there has been a slight net outflow in June overall [1]. ETF Inflows - On June 20, 19 stock ETFs recorded net inflows exceeding 100 million yuan, with the top three being: - Southern CSI 500 ETF: 1.39 billion yuan - Southern CSI 1000 ETF: 907 million yuan - E Fund ChiNext ETF: 391 million yuan [4]. - The total number of stock ETFs in the market reached 1,118, with a total scale of 3.48 trillion yuan as of June 20, 2025 [3]. ETF Outflows - On the same day, several stock ETFs experienced significant outflows, particularly: - CSI 300 ETF: nearly 400 million yuan - CSI 1000 ETF: approximately 300 million yuan [8]. - The outflows were concentrated in broad-based and industry-specific ETFs, with notable losses in the dividend ETFs [8]. Fund Company Insights - Major fund companies like E Fund and Huatai-PB reported significant inflows in their ETFs, with E Fund's ChiNext ETF seeing a net inflow of 391 million yuan and the CSI 300 ETF gaining 150 million yuan [4]. - Galaxy Fund suggested focusing on industries with stable performance and reasonable valuations amid macroeconomic uncertainties [9]. Future Outlook - According to various fund companies, the domestic policy is expected to continue supporting economic recovery, while external factors like interest rate expectations may alleviate pressure on the yuan [8]. - The overall sentiment indicates that major broad-based indices are likely to experience a strong oscillating pattern in the medium term, with no significant downside risks anticipated [8].